Sec. 45a-41. (Formerly Sec. 45-29h). Retirement allowance. Annual adjustments in retirement allowances.
Sec. 45a-41. (Formerly Sec. 45-29h). Retirement allowance. Annual adjustments in retirement allowances. (a) After retirement in accordance with the provisions
of sections 45a-34 to 45a-53, inclusive, each member of the retirement fund who is not
entitled to benefits under the Old Age and Survivors Insurance System as provided for
in sections 7-452 to 7-459, inclusive, as a result of service in a court of probate in this
state shall receive a retirement allowance during his lifetime, payable monthly, equal
to one-twelfth of two per cent of his average final compensation for each year of credited
service.
(b) Each member who is entitled to benefits under the Old Age and Survivors Insurance System as provided for in sections 7-452 to 7-459, inclusive, as a result of service
in a court of probate in this state shall receive a retirement allowance during his lifetime,
payable monthly, equal to one-twelfth of the sum of (1) and (2) following: (1) One per
cent of average final compensation up to and including four thousand eight hundred
dollars for each year of credited service; (2) two per cent of average final compensation
in excess of four thousand eight hundred dollars for each year of credited service.
(c) The retirement allowance for any member shall not be less than three hundred
sixty dollars annually.
(d) On July 1, 1980, and on July first of each subsequent year, the State Retirement
Commission shall determine the percentage of increase or decrease in the average
monthly nation-wide Consumer Price Index for the most recent fiscal year compiled
and published by the federal government from the average monthly nation-wide Consumer Price Index compiled and published by the federal government for the next preceding fiscal year. Subject to the further limitations of this subsection, the percentage
of increase or decrease so determined on July first of each year shall be applied to
increase or decrease by such percentage the amount of the retirement allowance in effect
on July first of the next preceding year for each member who was a retired member on
said July first and was then receiving a retirement allowance under this section, and for
the spouse of each deceased member who had elected the husband and wife retirement
income option, or any other spouse or contingent annuitant receiving a continuing reduced retirement allowance or retirement income payments under section 45a-43 on
said July first; and the amount of retirement allowance or retirement income payable
during the twelve-month period commencing on each July first adjustment date shall
be the amount so in effect and being received on said July first increased or decreased
as above. No adjustment shall be made on any July first if the increase or decrease in
such index determined as above is less than one per cent, and adjustments for increases
in excess of three per cent shall be limited to three per cent. In no event shall the amount
of monthly retirement allowance or retirement income payment for a member or spouse
receiving such an allowance or payment on June 30, 1979, be reduced by any adjustment
under this subsection below the amount of such monthly retirement allowance or retirement income in effect on June 30, 1979, nor shall the amount of monthly retirement
allowance or payment of a member or spouse whose initial amount of such allowance
or payment becomes payable after June 30, 1979, be reduced by any adjustment under
this subsection below such initial amount of monthly retirement allowance for such
member or such initial amount of allowance or payment to such spouse.
(1967, P.A. 558, S. 33; 1972, P.A. 244, S. 7; P.A. 75-184, S. 1; P.A. 79-454, S. 5, 7, 12; P.A. 80-476, S. 43; P.A. 82-170; P.A. 86-242, S. 7; P.A. 88-155, S. 2; P.A. 94-98, S. 4.)
History: 1972 act raised percentages of average final compensation used as basis for benefits from 1.66%, 0.833% and
1.66% to 2%, 1% and 2%, respectively, and raised minimum retirement allowance from $120 to $360 annually; P.A. 75-184 clarified references to old age and survivors insurance system by specifying applicable section numbers; P.A. 79-454
referred to Secs. 45-29a to 45-29t rather than to Secs. 45-29k to 45-29s, changed maximum retirement allowance from
66% to 80% of average final compensation and added new Subsec. re increases and decreases based on variations in
consumer price index; P.A. 80-476 reorganized Subsecs. and rephrased Subsecs. (a) to (c); P.A. 82-170 amended Subsec.
(d) to apply annual adjustment to amount of retirement allowance in effect on July first, rather than June thirtieth, of the
next preceding year; P.A. 86-242 amended Subsec. (c) by adding provision re maximum retirement allowance for employee
member equal to 100% of average final compensation; P.A. 88-155 amended Subsec. (d) by adding reference to contingent
annuitants; Sec. 45-29h transferred to Sec. 45a-41 in 1991; P.A. 94-98 amended Subsec. (c) by deleting provision re limit
on retirement allowance of judge or employee under the Old Age and Survivors Insurance System.